Motif Biosciences agrees to merge with company holding IP to potential MRSA antibiotic

Motif Biosciences, a partner of life science business developer Amphion Innovations, has entered into an agreement to merge with a private company that holds the intellectual property and worldwide rights to a clinical stage antibiotic designed to be effective against MRSA and multi-drug resistant bacteria.

Motif intends to begin Phase III trials this year to assess the drug in two serious hospital-acquired infections.

Motif is a US-based drug discovery and development company focused on developing solutions for the antibiotic crisis. As of December 31, 2013, Amphion owned 32% of Motif. The completion of the acquisition depends, among other factors, on Motif’s completion of an IPO before March 31 2015. The company has completed a pre-IPO financing of £470,000 ($712,677) by issuing convertible promissory notes, which will automatically convert into ordinary shares upon an admission to the Alternative Investment Market on or before March 31 2015. If Motif does not complete the proposed AIM listing by then, the notes are convertible into Motif ordinary shares, Amphion ordinary shares, or repayable in cash over nine months at the option of each Note holder.